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Trust I103500012172866934622013-02-27141512008092013-02-28247725921788false2012-10-31679213137103569346214151200809247725921788<b>JPMorgan China Region Fund</b><br/><br/><b>Class/Ticker: A/JCHAX; C/JCHCX; Select/JCHSX</b><b>What is the goal of the Fund?</b>The Fund will seek long-term capital growth.<b>Fees and Expenses of the Fund</b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.00.010<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><b>What is the goal of the Fund? </b>The Fund seeks long-term capital growth.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>
<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.0390.03890.039<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/> WOULD BE:</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>Under normal circumstances, the Fund invests at least 80% of the value of its Assets in equity securities of emerging markets companies and other investments that are tied economically to emerging markets. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of Western Europe. An emerging market company is one: that is organized under the laws of, or has a principal place of business in an emerging market; where the principal securities market is in an emerging market; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or at least 50% of the assets of which are located in an emerging market.<br/><br/>The Fund is not required to allocate its investments in any set percentages in any particular countries. The Fund is not constrained by capitalization or style limits and will invest across sectors. The Fund will invest in securities across all market capitalizations, although the Fund may invest a significant portion of its assets in companies of any one particular market capitalization category.<br/><br/>The Fund may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes). The Fund emphasizes securities that are ranked as undervalued, while underweighting or avoiding securities that appear overvalued.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may hedge a portion of its foreign currency exposure into the U.S. dollar.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may use exchange-traded futures for the efficient management of cash flows. The Fund may also use participation notes in the management of portfolio assets.<br/><br/>Investment Process: The adviser believes that emerging markets are generally inefficient as demonstrated by the high and variable volatility of many emerging markets and individual companies in these markets. Corporate disclosure and transparency can vary widely thereby exacerbating the inefficiency of these markets and offering opportunities to experienced, well-informed active investors.<br/><br/>In managing the Fund, the adviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multi-factor model is used to quantitatively rank securities in the Fund&#8217;s investment universe which the adviser uses to select securities. Securities held in the Fund that the adviser believes have become over-valued and/or whose factor signals have deteriorated materially may be sold and are generally replaced with more attractive securities, on the basis of the adviser&#8217;s disciplined investment process.<br/><br/>The portfolio construction process controls for country and sector weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction.<br/><br/>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<b>The Fund&#8217;s Main Investment Risks </b><b>The Fund&#8217;s Past Performance </b>0.00250.00250.0025This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns over the past one year and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes), and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.0.03650.03640.0365<b>AVERAGE ANNUAL TOTAL RETURN<br/>(For periods ended December 31, 2012)</b>0.05420.05910.0517After-tax returns are shown only for the Class A Shares, and the after-tax return for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.-0.0355-0.0354-0.0355The Fund is subject to management risk and may not achieve its objective if the adviser's expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund's securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment&#8217;&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts, futures and participation notes may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Preferred Stock Risk. Preferred stock generally has a preference as to dividends and liquidation over an issuer&#8217;s common stock but ranks junior to debt securities in an issuer&#8217;s capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer&#8217;s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund.</p></div>0.01870.02370.01620.72<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>33.70%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;25.55%</b></td></tr></table><b>Best Quarter</b><b>Worst Quarter</b>2009-06-300.3372011-09-30-0.25550.77680.2667-0.1880.1922This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>Example </b><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 85% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b><b>JPMorgan India Fund</b><br/><br/><b>Class/Ticker: A/JIDAX; C/JIDCX; Select/JIDSX</b><b>What is the goal of the Fund?</b>Under normal market conditions, the Fund will invest at least 80% of the value of its Assets in equity securities of companies in the China region or instruments that have similar economic characteristics. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. A company in the China region is one: that is organized under the laws of, or has a principal office in the People&#8217;s Republic of China, including Hong Kong and Macau (China), or Taiwan; the principal securities market for which is China or Taiwan; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in China or Taiwan; or at least 50% of the assets of which are located in China or Taiwan.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: The Fund is managed by the sub-adviser using an active investment management style which focuses on both an analysis of macro factors and bottom-up stock selection. Given the sub-adviser&#8217;s belief that the direction of the economy and stock markets in the China region, particularly China and Hong Kong, are closely linked to macro factors such as government policies, global economic data, commodities prices and supply/demand dynamics, the sub-adviser&#8217;s investment approach involves in-depth discussions and thorough analysis on these macro factors. The output of these analyses and discussions will serve as the building blocks for its sector and stock selection in individual countries.<br/><br/>In lieu of the limited public information available in the China region, the sub-adviser conducts internal research and analysis on both macro economic factors and stock fundamentals, and relies less on third-party data. The sub-adviser&#8217;s decisions are made primarily through subjective analysis and insights the sub-adviser gathered through company meetings and communications conducted by the country specialists based in Shanghai, Hong Kong and Taipei. In addition, the sub-adviser has access to the financial skills and research capabilities of certain of the region&#8217;s established investment banks.<br/><br/>Stock selection is also an important part of the subadviser&#8217;s investment process. In general, the sub-adviser covers approximately 75&#150;80% of the investable universe of China region companies and updates stock views on a weekly basis. The stock selection process is largely country specific, whereby individual country specialists have the responsibility to design and refine their stock selection process to cope with the dynamic local factors and market conditions. Apart from analyzing the impact of macro factors such as government policies and global economic data on individual stocks, there are also several common factors that the country specialists always focus on, such as:<ul type="square"><li>competitive dynamics</li><li>industry structures</li><li>cyclicality and evolution</li><li>growth</li><li>corporate governance</li><li>liquidity</li></ul>In addition, country specialists particularly emphasize the following factors in stock selection: sustainability of competitive advantage; high and/or expanding returns on equity; and earnings per share growth.<br/><br/>Country specialists are encouraged to visit a wide range of companies across a variety of sectors, and it is from these company visits that the sub-adviser can make qualitative assessments of the relative growth prospects of the companies concerned and their strategies to create shareholder value. The sub-adviser analyzes industries in which companies operate, the competitive landscape as well as the management strategy to enhance competitive advantage and returns. As part of the investment process, the country specialists not only meet with some of the companies which fall within their core stock coverage, but they also meet with some of their competitors, distributors, suppliers and other stakeholders in order to obtain a complete analysis of the industry/company and other investment opportunities.<br/><br/>The Fund will sell securities if the sub-adviser believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if it believes that more attractive opportunities are available.<br /><br />The Fund is non-diversified.<b>The Fund&#8217;s Main Investment Risks </b>The Fund will seek long-term capital growth.<b>Fees and Expenses of the Fund</b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.50000The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.1-800-480-41110.052500www.jpmorganfunds.com00.010After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown only for the Class A Shares, and the after-tax return for the other classes will vary.You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.01250.01250.01250.00250.007500.02640.02640.02660.00250.00250.00250.02390.02390.02410.04140.04640.0391-0.0229-0.0229-0.02310.01850.02350.016The performance figures in the bar chart do not reflect any deduction for the front-end sales charge which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>China Region Risk. In additional to the risks listed under &#8220;Foreign Securities and Emerging Markets Risks&#8221; investments in China, Hong Kong and Taiwan are subject to legal, regulatory, monetary and economic risks. Investments involve political and legal uncertainties, currency fluctuations and currency controls, the risk of confiscatory taxation, and nationalization or expropriation of assets. The Chinese securities markets are emerging markets characterized by greater price volatility. China is dominated by the one-party rule of the Communist Party, and the Chinese government exercises significant control over China&#8217;s economic growth. Though Taiwan is not dominated by one-party rule and employs a free market economy, Taiwan&#8217;s political and economic relationship with China, particularly the continuing disagreement as to Taiwan&#8217;s sovereignty, could adversely impact investments in Taiwan.<br/><br/>At times, there may be a high correlation among the Chinese and Taiwanese markets. Accordingly, because the Fund may invest a significant portion of its assets in these markets, it is subject to greater risks of adverse events that occur in those markets and may experience greater volatility than a fund that is more broadly diversified geographically.<br/><br/>Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities.<br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div><b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2/28/147033381631519119498023502157181544894595398570323816315191194980235021571815448945953985<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/> WOULD BE:</b><b>Portfolio Turnover</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 45% of the average value of its portfolio.0.45<b>What are the Fund&#8217;s main investment strategies? </b>Under normal market conditions, the Fund will invest at least 80% of the value of its Assets in equity securities of Indian companies or instruments that have similar economic characteristics. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. An Indian company is any company: that is organized under the laws of, or has a principal office in India; the principal securities market for which is India; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in India; or at least 50% of the assets of which are located in India.<br/><br/> The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar. The Fund is not constrained by capitalization or style limits.<br/><br/> The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/> Investment Process: The Fund is managed by the sub-adviser using an active style of portfolio management which focuses on stock selection conducted by experienced country specialists. The subadviser employs a dedicated team of India specialists, located both within and outside India.<br/><br/> In managing the Fund, the sub-adviser seeks to add value primarily through stock selection decisions. In evaluating investment opportunities, the sub-adviser considers several criteria, including growth prospects, valuation, productive use of capital, competitive positioning, and corporate governance.<br/><br/> Indian country specialists are encouraged to visit a wide range of companies across a variety of sectors, and it is from these company visits that the sub-adviser can make qualitative assessments of the relative growth prospects of the companies concerned and their strategies to create shareholder value. The sub-adviser analyzes industries in which companies operate, the competitive landscape as well as the management strategy to enhance competitive advantage and returns. As part of the investment process, the country specialists not only meet with some of the companies which fall outside their core stock coverage, but they also meet with some of their competitors, distributors, suppliers and other stakeholders in order to obtain a complete analysis of the industry/company and other investment opportunities.<br/><br/> The portfolio managers are responsible for implementing the recommendations of the country specialists, who make their recommendations based on their extensive research. The sub-adviser prefers to construct a concentrated portfolio, thereby facilitating greater knowledge of the underlying holdings. The Fund also has access to the adviser&#8217;s team of global fund managers who may add insight at the sectoral, economic or other levels.<br/><br/> The Fund will sell securities if the sub-adviser believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if it believes that more attractive opportunities are available.<br/><br/> The Fund is non-diversified.<b>The Fund&#8217;s Past Performance</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Golden Dragon Index (net of foreign withholding taxes) and the Lipper China Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>The Fund&#8217;s Main Investment Risks </b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>31.03%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;27.67%</b></td></tr></table>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund's shares being more sensitive to economic results of those issuing the securities.<b>Best Quarter</b>2009-06-300.3103<b>Worst Quarter</b>2011-09-30-0.2767<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEmergingEconomiesFund column period compact * ~</div>
-0.50680.6274<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingEconomiesFund column period compact * ~</div>
0.1562-0.24780.2548<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEmergingEconomiesFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEmergingEconomiesFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEmergingEconomiesFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEmergingEconomiesFund column period compact * ~</div>
The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/> Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/> Indian Market Risk. Investments in India can be considered speculative, and therefore may offer higher potential for losses. Political and economic structures in India generally lack the social, political and economic stability of more developed nations. Share prices of Indian companies tend to be volatile, can be subject to currency exchange fluctuations and can lack liquidity. The stock markets in India are undergoing a period of growth and change, which may result in trading or price volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying the relevant laws and regulations. The risk of loss may be increased because Indian issuers are not subject to the extensive accounting, auditing and financial reporting standards and practices which are applicable in the United States. There is also a lower level of regulation and monitoring of the Indian securities market and its participants than in other more developed markets. <br/><br/>Because the Fund concentrates in a single region of the world, the Fund&#8217;s performance may be more volatile than that of a fund that invests globally. If Indian securities fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world.<br/><br/> Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/> Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/> Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities.<br/><br/> Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund's shares being more sensitive to economic results of those issuing the securities.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund. The table compares the performance to the Morgan Stanley Capital International (MSCI) India Index (net of foreign withholding taxes) and the Lipper India Region Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund.The table compares the performance to the Morgan Stanley Capital International (MSCI) India Index (net of foreign withholding taxes) and the Lipper India Region Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average.1-800-480-4111The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund.www.jpmorganfunds.comThe table compares that performance to the Morgan Stanley Capital International (MSCI) Golden Dragon Index (net of foreign withholding taxes) and the Lipper China Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.www.jpmorganfunds.com1-800-480-41110.05250000.0080.0080.0080.0080.00250.00750.007500.00010.00010.00010.0001652961129322266859141270220428561410702332109381673150665296112932226185614107022041856141070233210938167315060.2138-0.01540.08060.2123-0.03130.0660.1445-0.01710.06890.14660.1535-0.02750.07280.1944-0.0230.0717-0.03690.0821-0.03930.07380.03690.03810.03350.04130.04910.05140.0554<b>JPMorgan International Equity Fund</b><br/><br/><b>Class/Ticker: <br/>A/JSEAX; B/JSEBX; C/JIECX; Select/VSIEX </b>The Fund seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.<b>What is the goal of the Fund? </b>The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>YEAR-BY-YEAR RETURNS</b><b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>-0.63920.82250.2772-0.34440.23700.050.010<b>YEAR-BY-YEAR RETURNS</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>52.17%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4th quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;27.39%</b></td></tr></table><b>Best Quarter</b>2009-06-300.5217<b>Worst Quarter</b>2008-12-31-0.2739<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.00460.00460.00460.00450.00250.00250.00250.00250.00210.00210.00210.002After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.0.0152Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.02020.02020.0126-0.02370.17180.17180.11170.22120.24030.25970.2878-0.0839-0.0839-0.0693-0.0786-0.0717-0.0724-0.0761-0.0158-0.0158-0.0134-0.0114-0.0040.0165-0.0019-0.002-0.002-0.002-0.00190.01322007-05-010.01822007-05-010.01822007-05-010.01072007-05-012007-05-01After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Example </b><b>JPMorgan Emerging Economies Fund</b><br/><br/><b>Class/Ticker: A/JEEAX; C/JEECX; Select/JEESX </b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>JPMorgan International Opportunities Fund</b><br/><br/><b>Class/Ticker:<br/> A/JIOAX; B/JIOBX; C/JIOCX; Select/JIOSX</b>Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.500002/28/14<b>What is the goal of the Fund? </b>0.85The Fund seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.2/28/1450000<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>0.0525000You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.5000000.050.010<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.0060.0060.0060.0060.00250.00750.007500.00450.00450.00450.00450.00250.00250.00250.00250.0020.0020.0020.0020.00010.00010.00010.00010.01310.01810.01810.0106<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>0.05<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganChinaRegionFund column period compact * ~</div>
<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganChinaRegionFund column period compact * ~</div>
65168428410891886956933712051180980585Under normal conditions, the Fund will invest at least 80% of the value of its Assets in equity investments. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund will primarily invest in foreign companies of various market capitalizations , including foreign subsidiaries of U.S. companies.<br/><br/>The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities, trust or partnership interests, depositary receipts and warrants and rights.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.<br/><br/>The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser will seek to help manage risk in the Fund&#8217;s portfolio by investing in issuers in at least three different countries other than the United States. However, the Fund may invest a substantial part of its assets in just one region or country.<br/><br/>The Fund intends to invest in companies (or governments) in the following countries or regions: the Far East (including Japan, Hong Kong, Singapore and Malaysia), Western Europe (including the United Kingdom, Germany, the Netherlands, France, Switzerland, Italy, Scandinavia and Spain), Australia, Canada and other countries or areas that the adviser may select from time to time. A substantial part of the Fund&#8217;s assets may be invested in U.S. companies based in countries that are represented in the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index. However, the Fund may also invest in companies or governments in emerging markets.<br/><br/>The adviser may adjust the Fund&#8217;s exposure to each currency based on its view of the markets and issuers. The adviser will decide how much to invest in the securities of a particular country or currency by evaluating the yield and potential growth of an investment, as well as the relationship between the currency and the U.S. dollar. The adviser may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security is denominated in the currency of another.<b>The Fund&#8217;s Main Investment Risks </b><b>JPMorgan International Value Fund</b><br/><br/><b>Class/Ticker:</b><br/><b>A/JFEAX; B/JFEBX; C/JIUCX; Select/JIESX</b>2021199621271294<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganChinaRegionFund column period compact * ~</div>
<b>What is the goal of the Fund? </b>The Fund seeks to provide high total return from a portfolio of foreign company equity securities.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganChinaRegionFund column period compact * ~</div>
<b>Fees and Expenses of the Fund </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganChinaRegionFundBarChart column period compact * ~</div>
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganChinaRegionFund column period compact * ~</div>
<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>651184184108918569569337<b>Example </b>12059809805852021212712941996This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b>0.05250000.00650.00650.00650.00650.00250.00750.007506701022139824507039811386244430368111862575127452799177967010221398245020368111862444203681118625751274527991779-0.05650.09190.1941-0.06030.07870.131-0.04750.2041-0.05610.09320.2441-0.0510.09210.2636-0.04380.10060.1912-0.04340.08370.2207-0.02860.1012<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 62% of the average value of its portfolio.<b>Portfolio Turnover </b><b>What are the Fund&#8217;s main investment strategies? </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 45% of the average value of its portfolio.0.45<b>What are the Fund&#8217;s main investment strategies? </b>The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes), and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the United States. The Fund&#8217;s assets may also be invested to a limited extent in emerging markets issuers. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, and most of the countries of Western Europe; emerging markets include most other countries in the world. <br/><br/>The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities, trust or partnership interests, depositary receipts, privately placed securities and warrants and rights. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund will invest substantially in securities denominated in foreign currencies and may seek to manage currency risk where appropriate through managing currency exposure.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/> Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and securities selection. <br/><br/>The adviser selects securities for the Fund&#8217;s portfolio using its own investment process to determine which companies it believes are most likely to provide high total return to shareholders. The adviser chooses the most attractive securities in each sector and builds the portfolio bottom up. Securities in each industry are ranked with the help of fundamental valuations, then selected for investment. The adviser may adjust currency exposure to manage risks and enhance returns. <br/><br/>Through its extensive global equity research and analytical systems, the adviser seeks to generate an information advantage. Using fundamental analysis, the adviser develops proprietary research, primarily on companies but also on countries and currencies. In these processes, the analysts focus on a relatively long period rather than on near-term expectations alone.<br/><br/> Fundamental stock research is used to produce a ranking of companies in each industry group according to their relative value. The Fund&#8217;s adviser then buys and sells securities, using the research and valuation rankings as well as its assessment of other factors, including:<ul type="square"><li>catalysts that could trigger a change in a security&#8217;s price;</li><li>potential reward compared to potential risk; and</li><li>temporary mispricings caused by market overreactions.</li></ul>The Fund may invest a substantial part of its assets in just one region or country.<b>JPMorgan Intrepid European Fund</b><br/><br/><b>Class/Ticker:<br/>A/VEUAX; B/VEUBX; C/VEUCX; Select/JFESX </b><b>What is the goal of the Fund?</b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Geographic Focus Risk. The Fund may focus its investments in a region or small group of countries. As a result, the Fund&#8217;s performance may be subject to greater volatility than a more geographically diversified fund.<br/><br/> Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/> Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>To the extent that the Fund hedges its currency exposure into the U.S. dollar, it may reduce the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. However, the Fund does not typically use this strategy for its emerging markets currency exposure.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund.</p></div>2007-02-282007-02-282007-02-28<b>The Fund&#8217;s Past Performance </b>The Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><b>Fees and Expenses of the Fund </b><b>The Fund&#8217;s Main Investment Risks </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.50000<b>SHAREHOLDER FEES (Fees paid directly from your Investment)</b>00.050.010<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares is based on the performance of Class B Shares prior to the inception of Class C Shares. The actual returns of Class C Shares would have been similar to those shown because they have similar expenses to Class B Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/> Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/> Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/> Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The Fund invests primarily in equity securities from developed countries included in the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes), which is the Fund&#8217;s benchmark. The Fund typically does not invest in U.S. companies.<br/><br/>Equity securities in which the Fund invests are common stocks, preferred stocks, convertible securities, depositary receipts, rights and warrants to buy common stocks and privately placed securities.<br/><br/>The Fund&#8217;s sector weightings generally approximate those of the MSCI EAFE Value Index, although the Fund does not seek to mirror the index in its choice of individual securities. In choosing stocks, the Fund emphasizes those that are ranked as undervalued according to the proprietary research of the adviser while underweighting or avoiding those that appear overvalued.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser employs a process that combines fundamental research for identifying portfolio securities and currency management decisions.<br/><br/>Various models are used to quantify the adviser&#8217;s fundamental stock research, producing a ranking of companies in each industry group according to their relative value. The Fund&#8217;s management team then buys and sells stocks, using the research and valuation rankings as well as its assessment of other factors, including:<ul type="square"><li>value characteristics such as low price-to-book and price-to-earnings ratios; </li></ul><ul type="square"><li>catalysts that could trigger a change in a stock&#8217;s price;</li></ul><ul type="square"><li>potential reward compared to potential risk; and </li></ul><ul type="square"><li>temporary mispricings caused by market overreactions.</li></ul>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<br/><br/>The Fund may invest a substantial part of its assets in just one region or country.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>The Fund&#8217;s Past Performance </b><b>YEAR-BY-YEAR RETURNS</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><b>The Fund&#8217;s Main Investment Risks </b>0.0086<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25.42%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;20.43%</b></td></tr></table>0.00860.00860.00840.00250.00250.00250.00250.00590.00610.00610.00610.01740.02260.02260.0151<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>-0.0024-0.0026-0.0026-0.00260.0150.020.020.0125This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares is based on the performance of Class B Shares prior to the inception of Class C Shares. The actual returns of Class C Shares would have been similar to those shown because they have similar expenses to Class B Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.com<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIndiaFund column period compact * ~</div>
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIndiaFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIndiaFund column period compact * ~</div>
<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIndiaFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIndiaFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIndiaFund column period compact * ~</div>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>23.69%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;21.75%</b></td></tr></table>2/28/14<b>Example </b>0.17320.1875-0.02840.0718<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>Best Quarter</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b>2009-06-300.2369<b>Worst Quarter</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2011-09-30-0.21750.34580.16350.13910.29040.1057-0.41560.31040.0908-0.13350.1988<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b>After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>Portfolio Turnover </b>After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 297% of the average value of its portfolio.2.970.19880.13590.0525000.010.010.19630.010.00250.007500.1331689108815120.13952689323746129527951485189120.1795201868910881512268922374612950.1732279514851891220180.1875<b>What are the Fund&#8217;s main investment strategies?</b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Value Investing Risk. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#8217;s value or the factors that the adviser believes will cause the stock price to increase do not occur.<br/><br/>Geographic Focus Risk. The Fund may focus its investments in a region or small group of countries. As a result, the Fund&#8217;s performance may be subject to greater volatility than a more geographically diversified fund.<br/><br/>Depositary Receipt Risk. The Fund&#8217;s investments may take the form of depositary receipts, including unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities.<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>To the extent that the Fund hedges its currency exposure, it may reduce the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. However, the Fund does not typically use this hedging strategy for its emerging markets currency exposure.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div>-0.028-0.0319-0.0242-0.0407-0.0399-0.0352-0.0369<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average. The performance of Class C Shares is based on the performance of Class B Shares prior to the inception of Class C Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.0.08240.07930.0730.07280.07440.07330.08210.0738<b>YEAR-BY-YEAR RETURNS</b><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.11%</b></td></tr></table><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b>The Fund invests primarily in equity securities issued by companies with principal business activities in Western Europe. Under normal market conditions, the Fund invests at least 80% of the value of its Assets in equity securities of European issuers. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>The Fund may utilize exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser uses a bottom-up stock selection process that focuses on the value, quality and momentum characteristics to decide which stocks to buy and sell.<br/><br/>The Fund may invest in Austria, Belgium, Denmark, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Nether-lands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom, as well as other Western European countries which the adviser believes are appropriate. In addition, the Fund may invest up to 8% of its Assets in equity securities of emerging market European issuers. These countries may include Poland, the Czech Republic, Hungary and other countries with similar economic profiles which the adviser believes are appropriate.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The adviser may adjust the Fund&#8217;s exposure to each currency based on its view of the markets and issuers. It may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security is denominated in the currency of another.<br/><br/>While the Fund&#8217;s assets will usually be invested in a number of different Western European countries, the Fund may at times invest most or all of the assets in a limited number of these countries. The Fund will, however, try to choose a wide range of industries and companies of varying sizes.<b>JPMorgan Latin America Fund</b><br/><br/><b>Class/Ticker: A/JLTAX; C/JLTCX; Select/JLTSX </b>After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>What is the goal of the Fund? </b>The Fund will seek long-term capital growth.The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.50000You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.-0.03930.0525000<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>00.010After-tax returns are shown only for the Select Class Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.00.050.010<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.0060.0060.0060.0060.00250.00750.007500.00520.00520.00520.00520.00250.00250.00250.00250.00270.00270.00270.00270.01870.01370.01870.0112-0.0002-0.0002-0.0002-0.00020.01350.01850.01850.0110.00730.00730.00730.00250.00250.00250.00480.00480.00480.01980.02480.0173-0.0028-0.0028-0.00280.0170.0220.01456556882881129348865863541234120910096152083205921891361<b>The Fund&#8217;s Main Investment Risks </b>65518818811293458658635412341009100961520832059218913612/28/140.17570.17350.12190.10990.11650.15680.17690.1576-0.0408-0.0454-0.0349-0.0535-0.053-0.048-0.0434-0.05440.09650.09090.08470.08820.08960.08860.08570.0748The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>European Market Risk. The Fund&#8217;s performance will be affected by political, social and economic conditions in Europe, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns. In addition, if one or more countries were to abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.<br/><br/>Derivatives Risk. Derivatives, including futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/>You could lose money investing in the Fund.</p></div>2/28/14You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.<b>Example </b>50000This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.You could lose money investing in the Fund.You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes) and the Lipper European Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes) and the Lipper European Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.www.jpmorganfunds.comAfter-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.1-800-480-4111After-tax returns are shown only for the Select Class Shares, and after-tax returns for these other classes will vary.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>23.96%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;23.67%</b></td></tr></table><b>Best Quarter</b>2009-06-300.2396<b>Worst Quarter</b>2008-09-30-0.2367<b>Best Quarter</b>2009-06-300.2542<b>Worst Quarter</b>2011-09-30-0.20430.44670.18550.18380.38960.1412-0.4760.28550.0942-0.15070.26070.31930.39830.18640.24750.11190.20150.22850.09720.3225-0.40640.1162-0.4360.34620.0733-0.1110.2138After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.2903<b>Portfolio Turnover </b>0.0925<b>YEAR-BY-YEAR RETURNS</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 49% of the average value of its portfolio.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.2007-02-282007-02-280.49<b>What are the Fund&#8217;s main investment strategies? </b>0.01014544977617020.1901-0.00250.17110.1906-0.00280.17060.1268-0.00150.15680.1822-0.00920.16520.2008-0.01480.15890.0763Under normal market conditions, the Fund will invest at least 80% of the value of its Assets in securities of Latin American issuers and other investments that are tied economically to Latin America. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. Latin America includes, but is not limited to, Argentina, Brazil, Chile, Colombia, Ecuador, Guatemala, Mexico, Peru, Panama and Venezuela. The Fund will invest primarily in foreign companies of various sizes, including foreign subsidiaries of U.S. companies.<br/><br/>The Fund&#8217;s adviser considers a number of factors to determine whether an investment is tied economically to Latin America including: the source of government guarantees (if any); the primary trading market; the issuer&#8217;s domicile, sources of revenue, and location of assets; whether the investment is included in an index representative of a particular country in Latin America or the Latin American region; and whether the investment is exposed to the economic fortunes and risks of a particular country in Latin America or the Latin American region.<br/><br/>The Fund may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Latin America Index (net of foreign withholding taxes).<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar.<br/><br/>Investment Process: The adviser focuses on active and fundamental research, relying less on published data and more on subjective analysis conducted primarily through company visits by locally-based country specialists.<br/><br/>In managing the Fund, the adviser seeks to add value primarily through stock selection decisions. Thus, decisions about country weightings are secondary to those about the individual stocks, which make up the portfolio. The portfolio manager is primarily responsible for implementing the recommendations of our country specialists, who make their recommendations based on the stock ranking system.<br/><br/>The primary emphasis in selecting securities for the Fund is on bottom-up stock research conducted by country specialists, while macro research is used as a framework for the analysis.<br/><br/>The Fund will sell securities if the adviser believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if it believes that more attractive opportunities are available.<br/><br/>The Fund is non-diversified.<b>The Fund&#8217;s Main Investment Risks </b>-0.011<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInternationalOpportunitiesFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalOpportunitiesFund column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInternationalOpportunitiesFundBarChart column period compact * ~</div>
<b>Fees and Expenses of the Fund </b>0.05250000.0100.01250.01250.01250.00250.007500.03370.03430.03450.00250.00250.00250.03120.03180.0320.04870.05430.047-0.0317-0.0323-0.0325<b>Example </b>689164326005004323133524375151148112421064587689164326005004223133524375151148112421064587<b>The Fund&#8217;s Past Performance </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInternationalOpportunitiesFund column period compact * ~</div>
<b>JPMorgan International Opportunities Fund</b><br/><br/><b>Class/Ticker: Institutional/JPIOX</b><b>What is the goal of the Fund? </b>The Fund seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.0.12950.12980.08760.17640.19550.18220.2008<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>JPMorgan Russia Fund</b><br/><br/><b>Class/Ticker: A/JRUAX; C/JRUCX; Select/JRUSX </b>-0.0097-0.0121-0.0087-0.00360.0040.003302008-02-282008-02-282008-02-282008-02-282008-02-280.00600.003-0.13120.17570.0010.002<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInternationalEquityFund column period compact * ~</div>
0.00010.0091<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalEquityFund column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInternationalEquityFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInternationalEquityFundBarChart column period compact * ~</div>
The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Latin American Market Risk. The economies of countries in Latin America are all considered emerging market economies. High interest, inflation (in some cases substantial and prolonged), and unemployment rates generally characterize each economy. Because commodities such as agricultural products, minerals, and metals represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices. Investments in the region may also be subject to currency risks, such as restrictions on the flow of money in and out of the country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund.<br/><br/>Governments of many Latin American countries exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Other Latin American market risks include foreign exchange controls, difficulties in pricing securities, defaults on sovereign debt, difficulties in enforcing favorable legal judgments in local courts and political and social instability.<br/><br/>Because the Fund concentrates in a single region of the world, the Fund&#8217;s performance may be more volatile than that of a fund that invests globally. If Latin American securities fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world.<br/><br/>Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.<br/><br/>Derivatives Risk. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities.<br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div><b>Example </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInternationalEquityFund column period compact * ~</div>
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.0.62<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR</b><br/><b> COST WOULD BE:</b>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.5000093<b>The Fund&#8217;s Past Performance </b>2905041120This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Latin America Index (net of foreign withholding taxes) and the Lipper Latin American Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.You could lose money investing in the Fund.0.0170.0220.0145Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities.<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 45% of the average value of its portfolio.The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0.45The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average.The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund.1-800-480-41112/28/14www.jpmorganfunds.comThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.1-800-480-4111<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b>www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 41% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b><b>The Fund&#8217;s Main Investment Risks </b><b>Best&nbsp;Quarter</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>44.20%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4th quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;38.26%</b></td></tr></table>2009-06-300.25<b>Worst&nbsp;Quarter</b>2011-09-30-0.2211<b>Best Quarter</b>2009-06-300.442<b>Worst Quarter</b>2008-12-31-0.38260.08080.08060.0530.1250.14390.08660.1125-0.0116-0.0152-0.0118-0.00580.0016-0.0011-0.00850.05740.05230.04670.06190.06980.07340.0540.05250000.010<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInternationalValueFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalValueFund column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInternationalValueFund column period compact * ~</div>
0.00850.00850.00850.00250.007500.0052<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInternationalValueFundBarChart column period compact * ~</div>
0.00520.00520.00250.00250.00250.00270.00270.00270.0001<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInternationalValueFund column period compact * ~</div>
0.00010.00010.01630.02130.0138-0.0012-0.0012-0.00120.01510.02010.0126After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary.2/28/14<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>YEAR-BY-YEAR RETURNS</b>671304128100165542513541133744-0.57291.09980.2259-0.20610.14076712041282347245316471001655425135411337442347245316470.34670.15390.13750.25580.1045-0.45750.27130.1195-0.15180.1924<b>Best Quarter</b>2009-06-300.2447<b>Worst Quarter</b>2011-09-30-0.22810.12970.1290.08920.17620.19590.17320.18822007-02-282007-02-282007-02-282007-02-282007-02-28-0.0585-0.0596-0.0468-0.053-0.0458-0.0369-0.01650.06140.06030.05580.06350.07120.08210.0919<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganLatinAmericaFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLatinAmericaFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganLatinAmericaFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganLatinAmericaFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganLatinAmericaFund column period compact * ~</div>
<b>JPMorgan Intrepid International Fund</b><br/><br/><b>Class/Ticker: A/JFTAX; C/JIICX; Select/JISIX</b><b>What is the goal of the Fund? </b>The Fund seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidInternationalFund column period compact * ~</div>
<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidInternationalFund column period compact * ~</div>
<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidInternationalFund column period compact * ~</div>
<b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidInternationalFund column period compact * ~</div>
<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 46% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the U.S. The Fund&#8217;s assets also may be invested, to a limited extent, in equity securities of companies from emerging markets. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom and most of the countries of Western Europe; emerging markets include most of the other countries in the world. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multifactor model is used to quantitatively rank securities in the Fund&#8217;s investment universe on the basis of value and growth factors. Value is measured by valuation multiples, while momentum is captured by factors such as relative price strength and earnings revisions. Securities held in the Fund that have become over-valued and/or whose growth signals have deteriorated materially may be sold. Securities that are sold are generally replaced with the most attractive securities, on the basis of the adviser&#8217;s disciplined investment process. <br/><br/>The portfolio construction process controls for sector and industry weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares is based on the performance of Class A Shares prior to the inception of Class C Shares. Actual returns of Class C Shares would have been lower than those shown because Class C Shares have higher expenses than Class A Shares. The performance of Select Class Shares is based on the performance of Institutional Class Shares prior to the inception of Select Class Shares. Actual returns of Select Class Shares would have been lower than those shown because Select Class Shares have higher expenses than Institutional Class Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidInternationalFundBarChart column period compact * ~</div>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.47%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.81%</b></td></tr></table><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganLatinAmericaFund column period compact * ~</div>
2/28/140.46You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.50000You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/> WOULD BE:</b><b>Fees and Expenses of the Fund </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidInternationalFund column period compact * ~</div>
0.052500000.050.0100.010.010.010.010.00250.00750.007500.00570.00570.00570.00570.00250.00250.00250.00250.00320.00320.00320.00320.01820.02320.02320.0157700735335160106710247244961458144012408552550253126561867700235235160106772472449614581240124085525502531265618670.50440.36930.28020.34650.3683-0.49580.67020.181-0.17110.1883<b>Best Quarter</b>2009-06-300.3249<b>Worst Quarter</b>2008-12-31-0.2590.18830.18910.12540.12320.12880.1690.18220.2008-0.0041-0.0042-0.0028-0.0173-0.0158-0.0116-0.0092-0.01480.16890.16870.15480.15950.16140.16020.16520.1589<b>JPMorgan Emerging Markets Equity Fund</b><br/><br/><b>Class/Ticker: <br/>A/JFAMX; B/JFBMX; C/JEMCX; Select/JEMSX</b><b>What is the goal of the Fund? </b>The Fund seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.<b>Fees and Expenses of the Fund </b>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEmergingMarketsEquityFund column period compact * ~</div>
<b>ANNUAL FUND OPERATING EXPENSES <br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingMarketsEquityFund column period compact * ~</div>
<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.<b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEmergingMarketsEquityFund column period compact * ~</div>
<b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST <br/>WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEmergingMarketsEquityFund column period compact * ~</div>
<b>What are the Fund&#8217;s main investment strategies? </b>Under normal circumstances, the Fund invests at least 80% of the value of its Assets in equity securities of emerging markets. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of Western Europe. <br/><br/>The Fund may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes). <br/><br/>The adviser attempts to emphasize securities that it believes are undervalued, while underweighting or avoiding securities that appear to the adviser to be overvalued. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar. <br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: The adviser seeks to add value primarily through stock selection decisions. Thus, decisions about country weightings are secondary to those about the individual stocks, which make up the portfolio. The portfolio managers are primarily responsible for implementing the recommendations of the country specialists, who make their recommendations based on the stock ranking system. <br/><br/>Country specialists use their local expertise to identify, research, and rank companies according to their expected performance. Stocks are assessed using a two-part analysis which considers both expected short-term price moves (stock ranks) and longer-term business growth characteristics and qualitative factors (strategic classifications). In order to encourage creativity, considerable autonomy is given to country specialists at the stock idea generation stage of the process. <br/><br/>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares the performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares is based on the performance of Class B Shares prior to the inception of Class C Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEmergingMarketsEquityFundBarChart column period compact * ~</div>
<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>32.49%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4th quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;25.90%</b></td></tr></table><b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>After-tax returns are shown only for the Select Class Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEmergingMarketsEquityFund column period compact * ~</div>
0.2You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.50000You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares the performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown only for the Select Class Shares, and after-tax returns for these other classes will vary.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidEuropeanFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidEuropeanFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidEuropeanFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidEuropeanFund column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidEuropeanFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidEuropeanFund column period compact * ~</div>
<b>What is the goal of the Fund? </b><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b>You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.<b>SHAREHOLDER FEES (Fees paid directly from your investment)</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class A Shares over the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Russia Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total return of certain funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>JPMorgan Emerging Markets Equity Fund</b><br/><br/><b>Class/Ticker: Institutional/JMIEX</b>0.00420.0010.00320.0142<b>YEAR-BY-YEAR RETURNS</b>0.1948<b>What is the goal of the Fund?</b>The Fund seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>Portfolio Turnover </b>1454497761702The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>Under normal circumstances, the Fund invests at least 80% of the value of its Assets in equity securities of emerging markets. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of Western Europe.<br/><br/>The Fund may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes). The adviser attempts to emphasize securities that it believes are undervalued, while underweighting or avoiding securities that appear to the adviser to be overvalued.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund the adviser seeks to add value primarily through stock selection decisions. Thus, decisions about country weightings are secondary to those about the individual stocks, which make up the portfolio. The portfolio managers are primarily responsible for implementing the recommendations of the country specialists, who make their recommendations based on the stock ranking system.<br/><br/>Country specialists use their local expertise to identify, research, and rank companies according to their expected performance. Stocks are assessed using a two-part analysis which considers both expected short-term price moves (stock ranks) and longer-term business growth characteristics and qualitative factors (strategic classifications). In order to encourage creativity, considerable autonomy is given to country specialists at the stock idea generation stage of the process.<br/><br/>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares the performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares the performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingMarketsEquityFundInstitutionalClassShares column period compact * ~</div>
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0.37330.28290.34890.3704-0.49470.67190.183-0.16980.1901<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>32.52%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4th quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;25.81%</b></td></tr></table><b>Best Quarter</b>2009-06-300.3252<b>Worst Quarter</b>2008-12-31-0.2581<b>AVERAGE ANNUAL TOTAL RETURNS<br/>(For periods ended December 31, 2012)</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.2Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.0.14280.14370.09760.18950.2090.13660.2008-0.1147-0.1141-0.0927-0.1096-0.1026-0.103-0.0148-0.0574-0.0584-0.0473-0.0535-0.0461-0.04240.0436<b>Best Quarter</b>2009-06-300.5675<b>Worst Quarter</b>2008-12-31-0.604The Fund will seek long-term capital growth.The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 68 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b>Under normal market conditions, the Fund will invest at least 80% of the value of its Assets in equity securities of Russian companies or instruments that have similar economic &nbsp;characteristics. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund may, to a lesser extent, invest in equity securities of companies in the former Soviet Union countries other than Russia, or instruments that have similar economic characteristics. A Russian company is any company: that is organized under the laws of, or has a principal office in Russia; the principal securities market for which is Russia; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in Russia; or at least 50% of the assets of which are located in Russia. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund may from time to time hedge a portion of its foreign currency exposure into the U.S. dollar. <br/><br/>Investment Process: In managing the Fund, the adviser will use an active style of portfolio management which focuses on bottom-up stock selection conducted by experienced country specialists. <br/><br/>In managing the Fund, the adviser seeks to add value primarily through stock selection decisions. The adviser places a strong emphasis on bottom-up stock research conducted by country specialists. Macro research is used as a framework for this bottom-up analysis. The investment process is characterized by identifying and purchasing securities issued by high quality companies with sustainable earnings growth on attractive valuations, and avoiding overvalued stocks and markets. The adviser prefers to construct a concentrated portfolio, thereby facilitating greater knowledge of the underlying holdings. <br/><br/>The Fund will sell securities if the adviser believes the issuer of such securities no longer meets certain growth criteria, if certain political and economic events occur, or if the adviser believes that more attractive opportunities are available. <br/><br/>The Fund is non-diversified.<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Russian Market Risk. Investing in Russian securities is highly speculative and involves significant risks and special considerations. Since the breakup of the Soviet Union in 1991, Russia continues to experience dramatic political and social change. Though Russia has been transitioning from a centrally controlled command system to a more market-oriented democratic model, recent political developments have trended back to high government involvement and centralized control in some industries, such as Russia&#8217;s oil and gas industries. The Russian securities markets are substantially smaller, less liquid and more volatile than the securities markets in the U.S., with a few issuers representing a large percentage of market capitalization and trading volume. <br/><br/>The Fund may be affected unfavorably by political developments, social instability, changes in government policies, and other political and economic developments. There is the potential for expropriation, dilution, devaluation, default or excessive taxation by the Russian government or any of its agencies or political subdivisions with respect to investments in Russian securities by or for the benefit of foreign entities. The Russian economy is heavily dependent upon the export of commodities &nbsp;including most industrial metals, forestry products, oil and gas. Accordingly, it is strongly affected by international commodity prices and global demand for these products. Furthermore, it is possible that the Fund&#8217;s ownership rights could be lost through fraud or negligence because ownership of shares in Russian companies is recorded by the companies themselves and by registrars instead of through a central registration system. Since the Russian banking institutions and registrars are not guaranteed by the state, the Fund may not be able to pursue claims on behalf of the Fund&#8217;s shareholders. <br/><br/>Because the Fund concentrates in a single region of the world, the Fund&#8217;s performance may be more volatile than that of a fund that invests globally. If Russian securities fall out of favor, it may cause the Fund to underperform funds that do not concentrate in a single region of the world. <br/><br/>Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>Derivatives Risk. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/>You could lose money investing in the Fund.</p></div>You could lose money investing in the Fund.Non-Diversified Fund Risk. Since the Fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased concentration in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economic results of those issuing the securities.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.0.4150000The bar chart shows the performance of the Fund&#8217;s Class A Shares over the past five calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund.The table compares that performance to the Morgan Stanley Capital International (MSCI) Russia Index (net of foreign withholding taxes) and the Lipper Emerging Markets Funds Index, an index based on the total return of certain funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <br /><br />After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown only for the Class A Shares, and after-tax returns for these other classes will vary.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>56.75%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">4th quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;60.40%</b></td></tr></table><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganRussiaFund column period compact * ~</div>
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2007-02-282007-02-282007-02-282007-02-282007-02-28-0.78241.55960.3241-0.35460.2064The performance figures in the bar chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.<b>Portfolio Turnover </b><b>Fees and Expenses of the Fund </b>0.00600.00370.0010.00270.0097-0.0002<b>Example </b>973075341188<b>Portfolio Turnover </b><b>The Fund&#8217;s Past Performance </b>0.0095<b>What is the goal of the Fund? </b>The Fund seeks to provide high total return from a portfolio of foreign company equity securities.The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.2/28/14This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 62% of the average value of its portfolio.0.62<b>What are the Fund&#8217;s main investment strategies? </b>The Fund invests primarily in equity securities from developed countries included in the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes), which is the Fund&#8217;s benchmark. The Fund typically does not invest in U.S. companies.<br/><br/>Equity securities in which the Fund invests are common stocks, preferred stocks, convertible securities, depositary receipts, rights and warrants to buy common stocks and privately placed securities. <br/><br/>The Fund&#8217;s sector weightings generally approximate those of the MSCI EAFE Value Index, although the Fund does not seek to mirror the index in its choice of individual securities. In choosing stocks, the Fund emphasizes those that are ranked as undervalued according to the proprietary research of the adviser while underweighting or avoiding those that appear overvalued. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser employs a process that combines fundamental research for identifying portfolio securities and currency management decisions. <br/><br/>Various models are used to quantify the adviser&#8217;s fundamental stock research, producing a ranking of companies in each industry group according to their relative value. The Fund&#8217;s management team then buys and sells stocks, using the research and valuation rankings as well as its assessment of other factors, including: <ul type="square"><li>value characteristics such as low price-to-book and price-to-earnings ratios;</li></ul><ul type="square"><li>catalysts that could trigger a change in a stock&#8217;s price;</li></ul><ul type="square"><li>potential reward compared to potential risk; and</li></ul><ul type="square"><li>temporary mispricings caused by market overreactions.</li></ul>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies. <br/><br/>The Fund may invest a substantial part of its assets in just one region or country.The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Value Investing Risk. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#8217;s value or the factors that the adviser believes will cause the stock price to increase do not occur. <br/><br/>Geographic Focus Risk. The Fund may focus its investments in a region or small group of countries. As a result, the Fund&#8217;s performance may be subject to greater volatility than a more geographically diversified fund. <br/><br/>Depositary Receipt Risk. The Fund&#8217;s investments may take the form of depositary receipts, including unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities. <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>To the extent that the Fund hedges its currency exposure, it may reduce the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. However, the Fund does not typically use this hedging strategy for its emerging markets currency exposure. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund. </p></div>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Institutional Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The bar chart shows the performance of the Fund&#8217;s Institutional Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average.1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25.00%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.00%</b></td></tr></table><b>Best&nbsp;Quarter</b>2009-06-300.25<b>Worst&nbsp;Quarter</b>2011-09-30-0.22<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.15760.17690.12320.17490.1773-0.0393-0.0442-0.0338-0.0434-0.05440.09880.09280.08660.08570.07480.40220.25420.2040.32530.1179-0.43470.29140.0943-0.13010.1773<b>JPMorgan International Value Fund<b><br/><br/><b>Class/Ticker: Institutional/JNUSX </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalValueFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
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The table shows the average annual total returns over the past one year, five years and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Latin America Index (net of foreign withholding taxes) and the Lipper Latin American Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average.1023937061593<b>JPMorgan Intrepid European Fund</b><br/><br/><b>Class/Ticker: Institutional/JFEIX<b>What is the goal of the Fund? </b>The Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b><b>The Fund&#8217;s Main Investment Risks </b>0.006500.0070.0010.0060.0135-0.00350.012/28/14<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the</b><br/><b>value of your investment)</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 297% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>The Fund invests primarily in equity securities issued by companies with principal business activities in Western Europe. Under normal market conditions, the Fund invests at least 80% of the value of its Assets in equity securities of European issuers. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes.<br/><br/>The Fund may utilize exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser uses a bottom-up stock selection process that focuses on the value, quality and momentum characteristics to decide which stocks to buy and sell.<br/><br/>The Fund may invest in Austria, Belgium, Denmark, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom, as well as other Western European countries which the adviser believes are appropriate. In addition, the Fund may invest up to 8% of its Assets in equity securities of emerging market European issuers. These countries may include Poland, the Czech Republic, Hungary and other countries with similar economic profiles which the adviser believes are appropriate.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The adviser may adjust the Fund&#8217;s exposure to each currency based on its view of the markets and issuers. It may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security is denominated in the currency of another.<br/><br/>While the Fund&#8217;s assets will usually be invested in a number of different Western European countries, the Fund may at times invest most or all of the assets in a limited number of these countries. The Fund will, however, try to choose a wide range of industries and companies of varying sizes.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>European Market Risk. The Fund&#8217;s performance will be affected by political, social and economic conditions in Europe, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns. In addition, if one or more countries were to abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and unpredictably.<br/><br/>Derivatives Risk. Derivatives, including futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes) and the Lipper European Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.<b>YEAR-BY-YEAR RETURNS</b>The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes) and the Lipper European Region Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.www.jpmorganfunds.com1-800-480-4111<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.19%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2008</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;23.61%</b></td></tr></table><b>Best Quarter</b>2009-06-300.2419<b>Worst Quarter</b>2008-09-30-0.2361<b>Fees and Expenses of the Fund </b>0.008500.00360.0010.00260.00010.0122<b>Example </b>1033666501459<b>Portfolio Turnover </b><b>The Fund&#8217;s Past Performance </b><b>JPMorgan Intrepid International Fund<br/><br/>Class/Ticker: Institutional/JFTIX </b>0.45670.19480.19010.39540.146-0.47370.29210.0994-0.1463-0.00210.26680.0101<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>JPMorgan Emerging Economies Fund</b><br/><br/><b>Class/Ticker: R5/JEERX </b><b>What is the goal of the Fund? </b>The Fund seeks long-term capital growth.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingEconomiesFundCLASSR5SHARES column period compact * ~</div>
<b>What is the goal of the Fund? </b><b>Example </b>The Fund seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies? </b>Under normal circumstances, the Fund invests at least 80% of the value of its Assets in equity securities of emerging markets companies and other investments that are tied economically to emerging markets. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom, the United States, and most of the countries of Western Europe. An emerging market company is one: that is organized under the laws of, or has a principal place of business in an emerging market; where the principal securities market is in an emerging market; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or at least 50% of the assets of which are located in an emerging market. <br/><br/>The Fund is not required to allocate its investments in any set percentages in any particular countries. The Fund is not constrained by capitalization or style limits and will invest across sectors. The Fund will invest in securities across all market capitalizations, although the Fund may invest a significant portion of its assets in companies of any one particular market capitalization category. <br/><br/>The Fund may overweight or underweight countries relative to its benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes). The Fund emphasizes securities that are ranked as undervalued, while underweighting or avoiding securities that appear overvalued. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may hedge a portion of its foreign currency exposure into the U.S. dollar. <br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may use exchange-traded futures for the efficient management of cash flows. The Fund may also use participation notes in the management of portfolio assets. <br/><br/>Investment Process: The adviser believes that emerging markets are generally inefficient as demonstrated by the high and variable volatility of many emerging markets and individual companies in these markets. Corporate disclosure and transparency can vary widely thereby exacerbating the inefficiency of these markets and offering opportunities to experienced, well-informed active investors. <br/><br/>In managing the Fund, the adviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multi-factor model is used to quantitatively rank securities in the Fund&#8217;s investment universe which the adviser uses to select securities. Securities held in the Fund that the adviser believes have become over-valued and/or whose factor signals have deteriorated materially may be sold and are generally replaced with more attractive securities, on the basis of the adviser&#8217;s disciplined investment process. <br/><br/>The portfolio construction process controls for country and sector weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction. <br/><br/>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Smaller Cap Company Risk. Investments in securities of smaller companies may be riskier and more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts, futures and participation notes may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Preferred Stock Risk. Preferred stock generally has a preference as to dividends and liquidation over an issuer&#8217;s common stock but ranks junior to debt securities in an issuer&#8217;s capital structure. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer&#8217;s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund.</p></div><b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R5 Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns over the past one year and the life of the Fund. The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes), and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b><b>YEAR-BY-YEAR RETURNS</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>33.75%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;25.53%</b></td></tr></table><b>AVERAGE ANNUAL TOTAL RETURN</b><br/><b>(For periods ended December 31, 2012)</b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.2/28/14<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEmergingEconomiesFundCLASSR5SHARES column period compact * ~</div>
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<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEmergingEconomiesFundCLASSR5SHARESBarChart column period compact * ~</div>
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 46% of the average value of its portfolio.0.46<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEmergingEconomiesFundCLASSR5SHARES column period compact * ~</div>
<b>What are the Fund&#8217;s main investment strategies? </b>After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.26680.26530.17880.19120.2207The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the U.S. The Fund&#8217;s assets also may be invested, to a limited extent, in equity securities of companies from emerging markets. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom and most of the countries of Western Europe; emerging markets include most of the other countries in the world. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multifactor model is used to quantitatively rank securities in the Fund&#8217;s investment universe on the basis of value and growth factors. Value is measured by valuation multiples, while momentum is captured by factors such as relative price strength and earnings revisions. Securities held in the Fund that have become over-valued and/or whose growth signals have deteriorated materially may be sold. Securities that are sold are generally replaced with the most attractive securities, on the basis of the adviser&#8217;s disciplined investment process. <br/><br/>The portfolio construction process controls for sector and industry weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction.-0.0416-0.0464-0.0357-0.0434-0.02862/28/140.72You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.0.10360.09120.08840.08370.1012The bar chart shows how the performance of the Fund&#8217;s Class R5 Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns over the past one year and the life of the Fund.The table compares that performance to the Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (net of foreign withholding taxes), and the Lipper Emerging Markets Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.<b>The Fund&#8217;s Main Investment Risks </b>1-800-480-4111www.jpmorganfunds.comPast performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.0100.00310.00050.00260.0131-0.00160.0115The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, Expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund. </p></div>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index , an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index , an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111117www.jpmorganfunds.com399Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.7031565After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>117399703<b>YEAR-BY-YEAR RETURNS </b>15650.19880.19720.78530.13530.17320.18820.2723-0.0434-0.0452-0.0345-0.1841-0.0165-0.03690.19740.07290.07120.06630.08210.0919<b>Best Quarter</b>2009-06-300.3375<b>Worst Quarter</b>2011-09-30-0.255310239370615930.1974<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.67%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.73%</b></td></tr></table>0.1970.13280.18220.20080.00590.00280.00430.00330<b>Best&nbsp;Quarter</b>2009-06-300.2467<b>Worst&nbsp;Quarter</b>2011-09-30-0.22732008-02-282008-02-282008-02-28<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidInternationalFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
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0.35680.16170.14340.26210.11-0.45450.27760.1245-0.14750.1988<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidEuropeanFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
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93<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidEuropeanFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
2905041120<b>What are the Fund&#8217;s main investment strategies? </b>2.97The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the United States. The Fund&#8217;s assets may also be invested to a limited extent in emerging markets issuers. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, and most of the countries of Western Europe; emerging markets include most other countries in the world.<br/><br/> The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities, trust or partnership interests, depositary receipts, privately placed securities and warrants and rights. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.<br/><br/> The Fund will invest substantially in securities denominated in foreign currencies and may seek to enhance returns and manage currency risk where appropriate through managing currency exposure.<br/><br/> The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and securities selection.<br/><br/> The adviser selects securities for the Fund&#8217;s portfolio using its own investment process to determine which companies it believes are most likely to provide high total return to shareholders. The adviser chooses the most attractive securities in each sector and builds the portfolio bottom up. Securities in each industry are ranked with the help of fundamental valuations, then selected for investment. The adviser may adjust currency exposure to manage risks and enhance returns.<br/><br/> Through its extensive global equity research and analytical systems, the adviser seeks to generate an information advantage. Using fundamental analysis, the adviser develops proprietary research, primarily on companies but also on countries and currencies.<br/><br/> In these processes, the analysts focus on a relatively long period rather than on near-term expectations alone.<br/><br/> Fundamental stock research is used to produce a ranking of companies in each industry group according to their relative value. The Fund&#8217;s adviser then buys and sells securities, using the research and valuation rankings as well as its assessment of other factors, including:<ul type="square"><li>catalysts that could trigger a change in a security&#8217;s price;</li></ul><ul type="square"><li>potential reward compared to potential risk; and </li></ul><ul type="square"><li>temporary mispricings caused by market overreactions.</li></ul>The Fund may invest a substantial part of its assets in just one region or country.<b>The Fund&#8217;s Main Investment Risks </b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.com103Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.3666501459<b>YEAR-BY-YEAR RETURNS</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidInternationalFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>973075341188<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInternationalValueFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
<b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST <br/>WOULD BE:</b>0.34960.16690.14260.2940.1077-0.41440.31460.0922-0.13230.2006<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>23.61%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;21.67%</b></td></tr></table><b>Best Quarter</b>2009-06-300.2361<b>Worst Quarter</b>2011-09-30-0.2167<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012) </b>0.20060.19790.13740.17320.1875-0.0261-0.0304-0.0229-0.0369-0.03930.08490.08130.07520.08210.0738After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>What is the goal of the Fund? </b><b>Fees and Expenses of the Fund </b>0.00600.001900.00190.00010.008<b>Example </b>82255444990<b>Portfolio Turnover </b><b>What are the Fund&#8217;s main investment strategies? </b><b>The Fund&#8217;s Main Investment Risks </b><b>The Fund&#8217;s Past Performance </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalOpportunitiesFundINSTITUTIONALCLASSSHARES column period compact * ~</div>
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The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund. </p></div>The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the United States. The Fund&#8217;s assets may also be invested to a limited extent in emerging markets issuers. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, and most of the countries of Western Europe; emerging markets include most other countries in the world. <br/><br/>The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities, trust or partnership interests, depositary receipts, privately placed securities and warrants and rights. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund will invest substantially in securities denominated in foreign currencies and may seek to manage currency risk where appropriate through managing currency exposure. <br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and securities selection. <br/><br/>The adviser selects securities for the Fund&#8217;s portfolio using its own investment process to determine which companies it believes are most likely to provide high total return to shareholders. The adviser chooses the most attractive securities in each sector and builds the portfolio bottom up. Securities in each industry are ranked with the help of fundamental valuations, then selected for investment. The adviser may adjust currency exposure to manage risks and enhance returns. <br/><br/>Through its extensive global equity research and analytical systems, the adviser seeks to generate an information advantage. Using fundamental analysis, the adviser develops proprietary research, primarily on companies but also on countries and currencies. In these processes, the analysts focus on a relatively long period rather than on near-term expectations alone. <br/><br/>Fundamental stock research is used to produce a ranking of companies in each industry group according to their relative value. The Fund&#8217;s adviser then buys and sells securities, using the research and valuation rankings as well as its assessment of other factors, including: <ul type="square"><li>catalysts that could trigger a change in a security&#8217;s price; </li></ul><ul type="square"><li>potential reward compared to potential risk; and </li></ul><ul type="square"><li>temporary mispricings caused by market overreactions. </li></ul>The Fund may invest a substantial part of its assets in just one region or country.<b>JPMorgan International Opportunities Fund</b><br/><br/><b>Class/Ticker: R6/JIOMX </b>The Fund seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the value <br/>of your investment)</b>0.0080.0080.0080.005000.00440.00250.002This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses shown in the fee table. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 45% of the average value of its portfolio.0.45This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance for Class R6 Shares is based on the performance of Institutional Class Shares prior to the inception of the Class R6 Shares. The returns of the Class R6 Shares would have been different than those shown because Institutional Class Shares have different expenses than Class R6 Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The bar chart shows how the performance of the Fund&#8217;s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.1-800-480-4111www.jpmorganfunds.com0.20180.1990.13840.17320.1875-0.0257-0.0301-0.0226-0.0369-0.03930.08510.08150.07530.08210.0738Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>23.61%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;21.67%</b></td></tr></table><b>Best&nbsp;Quarter</b>2009-06-300.2361<b>Worst&nbsp;Quarter</b>2011-09-30-0.21670.000500.00250.00190.0020.0020.00010.00010.00010.01750.01060.0101-0.0018-0.0019-0.00190.01570.00870.00820.34960.16690.14260.2940.1077-0.41440.31460.0913-0.13060.2018<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For the period ended December 31, 2012)</b><b>YEAR-BY-YEAR RETURNS</b>82255444990<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalOpportunitiesFundCLASSR6SHARES column period compact * ~</div>
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<b>JPMorgan International Value Fund</b><br/><br/><b>Class/Ticker: R2/JPVZX; R6/JNVMX</b><b>What is the goal of the Fund? </b><b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>ANNUAL FUND OPERATING EXPENSES</b><br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>0.0060.0060.00500.00520.00270.002500.00270.00270.01620.0087-0.0002-0.00020.0160.00850.21590.21410.14620.20760.21640.17320.1875-0.0135-0.0298-0.0157-0.02-0.0369-0.0134-0.03930.0820.06630.06910.07640.08210.08210.0738<b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2/28/14<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b>1638750927687948019201071<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalValueFundCLASSR2SHARES column period compact * ~</div>
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0.31930.18640.1119<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInternationalValueFundCLASSR2SHARES column period compact * ~</div>
0.22850.0996-0.40540.34890.0747-0.10870.2159<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 62% of the average value of its portfolio.0.62<b>What are the Fund&#8217;s main investment strategies? </b><b>What is the goal of the Fund? </b>The Fund seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.<b>Fees and Expenses of the Fund </b>The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>Portfolio Turnover</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio.<b>What are the Fund&#8217;s main investment strategies?</b>Under normal conditions, the Fund will invest at least 80% of the value of its Assets in equity investments. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund will primarily invest in foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies.<br/><br/>The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities, trust or partnership interests, depositary receipts and warrants and rights.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.<br/><br/>The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser will seek to help manage risk in the Fund&#8217;s portfolio by investing in issuers in at least three different countries other than the United States. However, the Fund may invest a substantial part of its assets in just one region or country.<br/><br/>The Fund intends to invest in companies (or governments) in the following countries or regions: the Far East (including Japan, Hong Kong, Singapore and Malaysia), Western Europe (including the United Kingdom, Germany, the Netherlands, France, Switzerland, Italy, Scandinavia and Spain), Australia, Canada and other countries or areas that the adviser may select from time to time. A substantial part of the Fund&#8217;s assets may be invested in U.S. companies based in countries that are represented in the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index. However, the Fund may also invest in companies or governments in emerging markets.<br/><br/>The adviser may adjust the Fund&#8217;s exposure to each currency based on its view of the markets and issuers. The adviser will decide how much to invest in the securities of a particular country or currency by evaluating the yield and potential growth of an investment, as well as the relationship between the currency and the U.S. dollar. The adviser may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security is denominated in the currency of another.<b>The Fund&#8217;s Main Investment Risks</b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Geographic Focus Risk. The Fund may focus its investments in a region or small group of countries. As a result, the Fund&#8217;s performance may be subject to greater volatility than a more geographically diversified fund.<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/>You could lose money investing in the Fund.</p></div>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class R5 Shares prior to their inception is based on the performance of Select Class Shares. The actual returns of the Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares. The performance of Class R2 Shares prior to their inception is based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The performance of Class R6 Shares prior to their inception is based on the performance of Class R5 Shares and Select Class Shares prior to the inception of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Select Class Shares and Class R5 Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.1-800-480-4111www.jpmorganfunds.comThe bar chart shows how the performance of the Fund&#8217;s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<b>YEAR-BY-YEAR RETURNS</b>1608984The Fund invests primarily in equity securities from developed countries included in the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes), which is the Fund&#8217;s benchmark. The Fund typically does not invest in U.S. companies.<br/><br/>Equity securities in which the Fund invests are common stocks, preferred stocks, convertible securities, depositary receipts, rights and warrants to buy common stocks and privately placed securities.<br/><br/>The Fund&#8217;s sector weightings generally approximate those of the MSCI EAFE Value Index, although the Fund does not seek to mirror the index in its choice of individual securities. In choosing stocks, the Fund emphasizes those that are ranked as undervalued according to the proprietary research of the adviser while underweighting or avoiding those that appear overvalued.<br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.<br/><br/>The Fund may utilize currency forwards to reduce currency deviations, where practical, for the purpose of risk management. The Fund may also use exchange-traded futures for the efficient management of cash flows.<br/><br/>Investment Process: In managing the Fund, the adviser employs a process that combines fundamental research for identifying portfolio securities and currency management decisions.<br/><br/>Various models are used to quantify the adviser&#8217;s fundamental stock research, producing a ranking of companies in each industry group according to their relative value. The Fund&#8217;s management team then buys and sells stocks, using the research and valuation rankings as well as its assessment of other factors, including:<ul type="square"><li>value characteristics such as low price-to-book and price-to-earnings ratios;</li></ul><ul type="square"><li>catalysts that could trigger a change in a stock&#8217;s price;</li></ul><ul type="square"><li>potential reward compared to potential risk; and</li></ul><ul type="square"><li>temporary mispricings caused by market overreactions.</li></ul>The Fund has access to the adviser&#8217;s currency specialists in determining the extent and nature of the Fund&#8217;s exposure to various foreign currencies.<br/><br/>The Fund may invest a substantial part of its assets in just one region or country.<b>What is the goal of the Fund? </b><b>Fees and Expenses of the Fund </b>0.00850.0050.00520.00250.00270.00010.0188-0.0012<b>Example </b>17957910052191<b>Portfolio Turnover </b><b>What are the Fund&#8217;s main investment strategies? </b><b>The Fund&#8217;s Main Investment Risks </b><b>The Fund&#8217;s Past Performance </b>5343183039325665392048<b>The Fund&#8217;s Main Investment Risks </b>1219<b>JPMorgan Intrepid International Fund</b><br/><br/><b>Class/Ticker: R2/JIIZX </b>The Fund&#8217;s assets are invested primarily in equity securities of companies from developed countries other than the U.S. The Fund&#8217;s assets also may be invested, to a limited extent, in equity securities of companies from emerging markets. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom and most of the countries of Western Europe; emerging markets include most of the other countries in the world. <br/><br/>The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest. <br/><br/>The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of cash flows. <br/><br/>Investment Process: In managing the Fund, the adviser adheres to a disciplined process for stock selection and portfolio construction. A proprietary multifactor model is used to quantitatively rank securities in the Fund&#8217;s investment universe on the basis of value and growth factors. Value is measured by valuation multiples, while momentum is captured by factors such as relative price strength and earnings revisions. Securities held in the Fund that have become over-valued and/or whose growth signals have deteriorated materially may be sold. Securities that are sold are generally replaced with the most attractive securities, on the basis of the adviser&#8217;s disciplined investment process. <br/><br/>The portfolio construction process controls for sector and industry weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction.The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. <br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. <br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221; <br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. <br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <br/><br/>High Portfolio Turnover Risk. The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. <br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. <br/><br/>You could lose money investing in the Fund. </p></div>The Fund seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.1608953431830312190.18820.17320.18950.18980.1278-0.0502-0.0512-0.0399-0.0369-0.01650.0660.0650.06010.08210.091984539204812772/28/14<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b><b>Best Quarter</b><b>Worst Quarter</b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R2 Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class R2 Shares is based on the performance of Class A Shares prior to the inception of Class R2 Shares. The actual returns of Class R2 Shares would have been lower than shown because Class R2 Shares have higher expenses than Class A Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 46% of the average value of its portfolio.0.24990.46-0.20452009-06-302011-09-30After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b>1795791005<b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b>2191This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.2/28/140.0176<b>ANNUAL FUND OPERATING EXPENSES</b><br/><b>(Expenses that you pay each year as a percentage of the <br/>value of your investment)</b>The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</p></div><br/>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value.<br/><br/>General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.<br/><br/>Foreign Securities and Emerging Market Risks. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded &#8220;delivery versus payment,&#8221; the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in &#8220;emerging markets.&#8221;<br/><br/>Value Investing Risk. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#8217;s value or the factors that the adviser believes will cause the stock price to increase do not occur.<br/><br/>Geographic Focus Risk. The Fund may focus its investments in a region or small group of countries. As a result, the Fund&#8217;s performance may be subject to greater volatility than a more geographically diversified fund.<br/><br/>Depositary Receipt Risk. The Fund&#8217;s investments may take the form of depositary receipts, including unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities.<br/><br/>Derivatives Risk. Derivatives, including forward currency contracts and futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.<br/><br/>Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.<br/><br/>To the extent that the Fund hedges its currency exposure, it may reduce the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. However, the Fund does not typically use this hedging strategy for its emerging markets currency exposure.<br/><br/>Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<br/><br/> You could lose money investing in the Fund.</p></div><table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.47%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.85%</b></td></tr></table>Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.<b>Best&nbsp;Quarter</b>2009-06-300.2447<b>Worst&nbsp;Quarter</b>2011-09-30-0.2285<b>The Fund&#8217;s Past Performance </b>This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average. The performance of Class R2 Shares is based on the performance of Class A Shares prior to the inception of Class R2 Shares. The actual returns of Class R2 Shares would have been lower than shown because Class R2 Shares have higher expenses than Class A Shares. The performance for Class R6 Shares is based on the performance of Institutional Class Shares prior to the inception of the Class R6 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Institutional Class Shares have different expenses than Class R6 Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.<b>YEAR-BY-YEAR RETURNS</b>0.34670.1539The bar chart shows how the performance of the Fund&#8217;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.0.1375The table compares that performance to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Value Index (net of foreign withholding taxes) and the Lipper International Large-Cap Value Funds Average, an average based on the total returns of all mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper average includes the expenses of the mutual funds included in the average.0.2558Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.0.1045www.jpmorganfunds.com-0.45751-800-480-41110.26790.1165-0.15360.1898<b>YEAR-BY-YEAR RETURNS</b>You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.76%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;22.13%</b></td></tr></table>The bar chart shows how the performance of the Fund&#8217;s Class R2 Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns over the past one year, five years and ten years.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInternationalEquityFundCLASSR5SHARES column period compact * ~</div>
<b>Best Quarter</b>2009-06-30<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganInternationalEquityFundCLASSR5SHARES column period compact * ~</div>
The table compares that performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper International Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.0.2476<b>Worst Quarter</b>2011-09-30www.jpmorganfunds.com-0.22131-800-480-4111Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInternationalEquityFundCLASSR5SHARESBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInternationalEquityFundCLASSR5SHARES column period compact * ~</div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.0.39650.24720.19820.3190.1132-0.43680.2840.0868-0.13570.1695<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>0.16950.16790.11710.17840.17690.1576-0.0452-0.0496-0.0386-0.0388-0.0434-0.05440.09290.08750.08140.09910.08570.0748<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><b>Best&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">2nd quarter, 2009</td> <td valign="bottom"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24.99%</b></td> <td valign="bottom" nowrap="nowrap"><b>&nbsp;&nbsp;</b></td></tr> <tr><td valign="top"><b>Worst&nbsp;Quarter</b></td> <td valign="bottom"></td> <td valign="bottom">3rd quarter, 2011</td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;20.45%</b></td></tr></table><b>JPMorgan International Equity Fund</b><br /><br/><b>Class/Ticker: R2/JIEZX; R5/JIERX; R6/JNEMX </b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidInternationalFundCLASSR2SHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidInternationalFundCLASSR2SHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidInternationalFundCLASSR2SHARES column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidInternationalFundCLASSR2SHARESBarChart column period compact * ~</div>
<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidInternationalFundCLASSR2SHARES column period compact * ~</div>
<b>The Fund&#8217;s Past Performance</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInternationalValueFundCLASSR2SHARES column period compact * ~</div>
56612770.05<b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b><div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInternationalValueFundCLASSR2SHARESBarChart column period compact * ~</div>
You could lose money investing in the Fund.Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.<div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInternationalEquityFundCLASSR5SHARES column period compact * ~</div>
<b>AVERAGE ANNUAL TOTAL RETURNS</b><br/><b>(For periods ended December 31, 2012)</b>932The Fund seeks to provide high total return from a portfolio of foreign company equity securities.(under $1 million)The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.85%, 2.35% and 1.60%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and the distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.60%, 2.10% and 1.35%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.31%, 1.81%, 1.81% and 1.06%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.50%, 2.00%, 2.00% and 1.25%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and the distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Fund Operating Expenses of Class A, Class B, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.35%, 1.85%, 1.85% and 1.10%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.70%, 2.20% and 1.45%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed 1.85%, 2.35%, and 1.60%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A and Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.70%, 2.20% and 1.45%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class C and Select Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.50%, 2.00% and 1.25%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and the distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Fund Operating Expenses of Institutional Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 0.95% of its average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Institutional Class Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.00% of its average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and the distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R5 Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.15% of its average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and the distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2, Class R5 and Class R6 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.56%, 0.86% and 0.81%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2 and Class R6 Shares (excluding acquired fund fees and expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.60% and 0.85%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class R2 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.75% of its average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.The Fund's adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Institutional Class Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed 1.00% of its average daily net assets. This contract cannot be terminated prior to 3/1/14, at which time the Service Providers will determine whether or not to renew or revise it.